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Asset Dissemination Through Dealer Markets
No full textMany financial assets are disseminated to final investors via chains of over-the-counter transactions between dealers. We model such an intermediation process as a game with successive take-it-or-leave-it offers: A dealer buys several units of an asset, and can sell some of them to his customers or to a second dealer, who can sell to his customers or to a third dealer, and so on. In equilibrium, the asset is disseminated through a sequence of OTC transactions between dealers. The number of dealers involved, the inventories they keep, and the prices and quantities they offer are endogenously determined. Our model gives a framework to analyze how assets are disseminated through OTC markets, how liquidity evolves along a sequence of transactions, and varies across different sequences of different lengths
Les Autorités de concurrence face aux alliances maritimes mondiales
No full textInternational audienc
States and Eventualities: How to Understand Savage Without Anyone Being Hanged
No full textWe discuss the notion of a state of the world in axiomatic decision theory, and argue that it should be viewed as an "eventuality" that is implicitly assumed to be independent of the process by which prefer- ences are observed. The distinction between states, which are assumed to resolve all uncertainty, and eventualities suggests certain limitations on the axiomatic approach for defining and measuring mental concepts (such as belief ) by observed choice
Legal Indicators in Transnational Law Practice: A Methodological Assessment
No full textWith metrics and analytics spreading into every profession and discipline, evidence-based decision-making is on the rise. Legal practice is also concerned by this trend, as reflected in the growing use of quantitative data by law firms with respect to their corporate clients. Based on the examination of the potential uses of legal indicators in an evidence-based approach to transnational law practice, this article argues that indicators can provide lawyers operating in a transnational context with a relevant source of evidence to move towards a quantitatively informed practice of law. While most academic literature on legal indicators focuses on their governance effects, writings on evidence-based law have not yet investigated the contribution that indicators can make to law practice. This article aims to bridge this gap. It provides a methodological assessment of eight major business law indicators and illustrates four potential applications: (1) ranking and benchmarking, (2) screening, (3) measuring legal risk, and (4) supporting litigation. The article concludes that transnational lawyers should employ transnational legal indicators on a daily basis as an opportunity to reengineer legal practice along the lines of the management culture in which transnational firms now live in
"Structure" and "process" congruence : a control theory perspective on services offshoring performance
No full textInternational audiencePrior research on services offshoring has found control theory to be a useful perspective for examining the co-ordination between the client and the vendor. Control literature describes two primary control modes - formal and informal control modes, classified as behavior, outcome, clan and self-control modes. But most control literature has focused on examining either the conditions for adopting a particular control mode or investigating the influence of the chosen control mode(s) on the project performance. Recent services offshoring research has uncovered two distinct control mechanisms comprising each of the control modes namely, structural and process mechanisms. Structural control mechanism describes the ‘what' or the structure guiding the control mode, whereas process control mechanism explains ‘how' or the process through which the control mode is enacted. Grounding our arguments in the alignment literature, we theorize the need for congruence between the control ‘structures' and ‘processes' within each of the control modes for effective project performance. In effect, we posit the moderating role of control processes on the relationship between control structures and contract performance. The theorized model is tested through data collected from a field study comprising offshore services projects executed by offshore vendors. Results demonstrate that governance ‘alignment' or ‘congruence' leads to superior project performance. The study makes contributions to both services offshoring literature as well as provides useful practical implications for manager
Dynamic pricing for inventories with reference price effects
No full textInternational audienceThis article presents a dynamic pricing model of a retailer selling an inventory, accounting for consumer behavior. The authors propose an optimal control model, maximizing the intertemporal profit with consumers sensitive to the selling price and to a reference price. The optimal dynamic pricing policy is solved with Pontryagin's maximum principle with a structural (general) demand function. The authors obtain an original pricing rule, which explicitly accounts for the impact of price and inventory on future profits. The dynamics of price do not have to imitate the dynamics of the reference price. Instead, the dynamics of price are tied to opposing effects linked to this reference price. The authors also discuss managerial implications with regards to behavioral pricing policies
On-line Appendix for 'Academic Entrepreneurship: Bayh-Dole versus the Professor’s Privilege'
No full textThis paper contains the on on-line appendix to the paper with the same title forthcoming in ILRR.Is the Bayh-Dole intellectual property regime associated with more and better academic entrepreneurship than the Professor Privilege regime? The authors examine data on US PhDs in the natural sciences, engineering, and medical fields who became entrepreneurs in 1993–2006 and compare this to similar data from Sweden. They find that, in both countries, those with an academic background have lower rates of entry into entrepreneurship than do those with a non-academic background. The relative rate of academics starting entrepreneurial firms is slightly lower in the United States than in Sweden. Moreover, the mean economic gains from becoming an entrepreneur are negative, both for PhDs originating in academia and non-academic settings in both countries. Analysis indicates that selection into entrepreneurship occurs from the lower part of the ability distribution among academics. The results suggest that policies aimed at supporting entrepreneurial decisions by younger, tenure-track academics may be more effective than general incentives at increasing academic entrepreneurship in general
Socio-economic and ecological transition in community supported agriculture: from the 'transitional' to the 'ideal' CSA
No full textInternational audienc
Valuation as Promise and Care: The Use of Accounting in the Entrepreneurial Economy
No full textThis is a study of analysts’ use of accounting information for valuation purposes in a venture capital setting. This setting is characterized in terms of the distinctive scouting and coaching work of venture capital funders, and the unproven and incomplete nature of the ventures and entrepreneurs, which seek funding to scale operations, pivot into new markets, internationalize, or undertake some other kind of fundamental change. Based on interviews with entrepreneurs (project-makers) and venture funders (analysts), a four phase model of valuation is proposed. The model illuminates that, in contrast with common assumptions in the existing literature, accounting is mobilized neither to reveal truth nor constitute knowledge about the objects of investment, but to promise and to care. This paper articulates these two concepts in the context of accounting. Promising is shown to be a means not to implement a predesigned business plan and a budgeted set of activities but to commit to a new and unclear future and agree high and sometimes unrealistic expectations. Caring is shown not to be a means to predict a final fate for the organization, but to give and take, interact and sometimes discipline in order to determine what is necessary to preserve and possible to change. Understanding that what is valued is not what exists but what is possible to create helps to resolve puzzles about accounting’s uncertain and ambiguous status and significance in the entrepreneurial economy. It also and more generally illustrates how accounting operates in relation to an unknowable object and future: not as a means to know or reveal but to write and rewrite a daring and ambitious narrative in which the protagonists (here the project-maker and venture) become something else (a manager and an organization)
Financial Restructuring and Resolution of Banks
No full textHow do resolution frameworks affect the private restructuring of distressed banks? We model a distressed bank’s shareholders and creditors negotiating a restructuring given asymmetric information about asset quality and externalities onto the government. This yields negotiation delays used to signal asset quality. We find that strict bail-in rules increase delays by worsening informational frictions and reducing bargaining surplus. We characterize optimal bail-in rules for the government. We then consider the government’s possible involvement in negotiations. We find this can lead to shorter or longer delays. Notably, the government may gin from committing not to partake in negotiations